Explanatory Note
This Amendment No. 1 to the transaction statement on Schedule 13E-3 filed on June 21, 2023 (the “Schedule 13E-3”) is being filed solely to include hyperlinks for Exhibits (a)(1)(A) to (a)(1)(F), Exhibit (a)(2)(A) and Exhibits (c)(1)-(c)(2) to the Schedule 13E-3 and to note Exhibit 107 was previously filed with the Schedule 13E-3. No other changes or additions are being made hereby to the Schedule 13E-3.
INTRODUCTION
This Rule 13e-3 Transaction Statement on Schedule 13E-3, together with the attached exhibits and annexes (this “Schedule 13E-3”), is being filed by (i) GreenLight Biosciences Holdings, PBC, a Delaware corporation (“GreenLight” or the “Company”), the issuer of the common stock that is the subject of the Rule 13e-3 transaction described below, (ii) the persons listed on the cover of this Schedule 13E-3 and (iii) and the Additional Filers listed on the inside cover of this Schedule 13E-3. Each of the Additional Filers listed on the inside cover of this Schedule 13E-3 has been included because such person is a Rollover Investor (as defined below) and, as a Rollover Investor, may be deemed to be a participant in a “group” within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and, as a result of such participation in a group, may be deemed to be an “affiliate” of the Company for purposes of Rule 13e-3(a)(1) under the Exchange Act. The inclusion of such person as an Additional Filer shall not be deemed an admission that such person is a member of a group or an affiliate of the Company. Each Additional Filer listed on the inside cover of this Schedule 13E-3 has consented to being listed thereon and has executed a signature page to this Schedule 13E-3. The exclusion of any Rollover Investor who did not consent to being named as an Additional Filer shall not be deemed to indicate that such Rollover Investor is not a member of a group or an affiliate of the Company. Each Rollover Investor was notified that it may be deemed an affiliate required to file a Schedule 13E-3 and provided an opportunity to be included as an Additional Filer of this Schedule 13E-3.
This Schedule 13E-3 relates to the cash tender offer (the “Offer”) by SW MergerCo, Inc., a Delaware corporation (“Merger Sub” or “Purchaser”) and a wholly owned subsidiary of SW ParentCo, Inc., a Delaware corporation (“Parent”), to purchase all of the issued and outstanding common stock, par value $0.0001, of GreenLight (referred to as the “common stock”, the “Company Common Stock” or the “GreenLight Common Stock” and each such share, a “Share” and collectively, the “Shares”), other than certain excluded shares, at an offer price of $0.30 per Share, net to the holder of such Share, in cash, without interest and subject to any applicable withholding taxes (the “Offer Price”). Fall Line Endurance Fund, LP (“Fall Line”) owns all of the issued and outstanding shares of capital stock of Parent. Fall Line Endurance GP, LLC, a Delaware limited liability company (“Fall Line GP”), is the general partner of Fall Line and exercises control over Fall Line. Mr. Clay Mitchell and Mr. Eric O’Brien are the sole members of Fall Line GP.
The Offer is being made upon the terms and subject to the conditions set forth in the Offer to Purchase, dated June 21, 2023, and the related Letter of Transmittal, pursuant to the Agreement and Plan of Merger (as it may be amended from time to time, the “Merger Agreement”), dated as of May 29, 2023, by and among GreenLight, Parent and Purchaser. The Offer is described in a Tender Offer Statement on Schedule TO (as it may be amended or supplemented from time to time, the “Schedule TO”), filed by Purchaser and Parent with the Securities and Exchange Commission (the “SEC”) on June 14, 2023, which contains as exhibits an Offer to Purchase dated June 21, 2023 (the “Offer to Purchase”), and the related Letter of Transmittal (the “Letter of Transmittal”), which Letter of Transmittal, together with the Offer to Purchase, as each of them may be amended or supplemented from time to time, constitutes the Offer.
Pursuant to the Merger Agreement, upon the terms of and subject to the conditions thereof, Purchaser shall (and Parent shall cause Purchaser to) (i) promptly after the Expiration Date (as defined below), accept for payment (the time of such acceptance, the “Offer Acceptance Time”) all Shares validly tendered (and not validly withdrawn) pursuant to the Offer, and (ii) as promptly as practicable following the Offer Acceptance Time, pay the Offer Price for all such Shares (such aggregate amount, the “Offer Acceptance Consideration”) and Parent shall provide or cause to be provided to Purchaser the consideration necessary for Purchaser to comply with such obligations to accept for payment and pay for such Shares. The proceeds obtained by Parent from the committed convertible debt financing described herein will be sufficient to fund the Offer Acceptance Consideration and the consideration payable upon the consummation of the Merger (as defined below).
Certain existing stockholders of GreenLight, each of whom is an accredited investor pursuant to Regulation D (each a “Rollover Investor”), entered into, prior to the execution of the Merger Agreement, those certain Contribution and Exchange Agreements, each dated as of May 29, 2023, with Parent (collectively the “Rollover Agreements”), pursuant to which each Rollover Investor committed to exchange their shares of GreenLight Common Stock (such stock, “Rollover Shares”) on a 1-to-1 basis for shares of newly authorized Series A-2 Preferred Stock, par value $0.0001 per share of Parent, effective immediately prior to the Effective Time (as defined in the Merger Agreement). The Rollover Shares constitute approximately 79.46% of the total issued and outstanding shares of Common Stock as of June 14, 2023. The Rollover Agreements will terminate upon the first to occur of the consummation of the Merger, the date and time that the Merger Agreement is terminated in accordance with its terms and the date and time that the board of directors of GreenLight (the “Board”) or the special committee appointed by the Board makes an Adverse Recommendation Change (as defined in the Merger Agreement) in accordance with the Merger Agreement.